This is such a common concern, especially when you're in the middle of buying a home in Fort Mill, Waxhaw, or anywhere in the Charlotte metro area and rates seem to be bouncing around like a ping-pong ball. First, let's talk about what a rate lock actually means. When you lock your rate, you're essentially getting insurance against rates going up during your closing process. Most locks are for 30-60 days, which should be plenty of time to close on your Indian Land or Ballantyne home. The lender is guaranteeing that rate even if the market goes crazy and rates shoot up a full percent

But here's the flip side – if rates drop, you're typically stuck with your locked rate unless you have what's called a "float down" option. Some lenders offer float down provisions, but they usually cost extra upfront or come with restrictions. For example, you might be able to float down if rates drop by at least 0.25% or 0.5%, and you might have to pay a fee for the privilege. If you didn't get a float down option and rates drop significantly, you might be able to start over with a new application, but that means new credit checks, new appraisals, and potentially missing your closing date on that Weddington or Marvin home

Here's my practical advice: Don't drive yourself crazy watching rates every day. If you locked in a good rate for your Fort Mill home and rates drop by 0.125%, that's only about $25-30 per month on a $400K loan – not worth the stress and potential delays. If rates drop by 0.5% or more, then it might be worth having a conversation with your lender about options. Remember, you got the rate lock to protect against rates going up, which is the bigger risk. Focus on getting to closing smoothly rather than trying to time the market perfectly.